How critical is SME financial literacy and digital financial access for financial and economic development in the expanded BRICS block?

ABSTRACT:

Introduction

The expanded BRICS block presents significant opportunities for SMEs (Small and Medium Enterprises), but challenges related to financial literacy and digital access hinder their potential. While global efforts emphasize financial literacy and digitization as key drivers of economic growth, especially in developing regions, their specific impact on SMEs in the BRICS block remains underexplored. This paper contributes to the literature by contextualizing how financial literacy and digital financial access influence SME sustainability and economic progress, particularly in light of ongoing efforts to bridge the digital divide.

Methods

Using Principal Component Analysis to reduce dimensionality, the study uses advanced Random Forest Tree modeling, to evaluate curren

SUBMITTER: M MK 

PROVIDER: S-EPMC11693673 | biostudies-literature | 2024

REPOSITORIES: biostudies-literature